SSI net rises, recommends 35% dividend

BANGALORE, August 24: SSI Ltd. has reported a 79 per cent increase in

its net profit for the year ended 30 June 1999, at Rs 18.07 crore from Rs

10.08 crore in the previous financial year. The board has recommended a

dividend of 35 per cent on a pro-rata basis. Income from operations rose

by about 100 per cent to Rs 84.93 crore from Rs 42.39 crore, while total

expenditure was Rs 53.23 crore from Rs 22.96 crore in the previous year.

After interest of Rs 5.62 crore against Rs 3.26 crore last year, the

gross profit was Rs 28.74 crore from Rs 16.42 crore last year.

Depreciation was Rs 6.12 crore against Rs 2.36 crore last year and the

provision for taxation was Rs 4.55 crore against Rs 3.98 crore last year.

The paid-up equity share capital of the company is Rs 11.87 crore. It

increased from Rs 5.19 crore after a preferential offer of 7.5 lakh shares

at a price of Rs 750 each. After the preferential offer, SSI issued a 1:1

bonus, and the reserves stand at Rs 94.52 crore post-bonus. During the

past financial year, the company set up SSI Technologies, a software

development and consulting division, to offer IT solutions to telecom,

healthcare, banking, insurance and securities trading.

With the acquisition of Indigo Technologies, SSI Technologies will

acquire the intellectual property rights for Tandem Electronic Securities

Architecture (TESA), a stock exchange automation product, besides its

access to other securities and brokerage related software developed and

implemented by Indigo.